(Bloomberg) -- Philippine Airlines Inc. expects to emerge from Chapter 11 bankruptcy “in a few months,” Chief Financial Officer Nilo Thaddeus Rodriguez said in a Sept. 4 video explaining the company’s restructuring.

The carrier majority owned by billionaire Lucio Tan on Sept. 3 filed for Chapter 11 bankruptcy in New York with a lender-supported plan to help it recover after the pandemic devastated global travel. It aims to cut $2 billion in borrowings through a proposed restructuring plan, will get $505 million in equity and debt financing from its majority shareholder, and $150 million of debt financing from new investors. 

“These permanent actions will enable Philippine Airlines to emerge from Chapter 11 in a few months with fresh capital, lower debt and a competitive cost structure,” Rodriguez said in a video message posted on YouTube.

The Tan family firmly supports the restructuring process and vows to complete the carrier’s recovery, PAL Director Lucio Tan III said in the same video message, reading the statement of his grandfather Lucio Tan. 

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